EZCORP (EZPW) 8-K Ezcorp Completes Investment In Cash Converters

EXHIBIT 99.2

EZCORP’S NET INCOME INCREASES 31%

AUSTIN, Texas (November 5, 2009)— EZCORP, Inc. (Nasdaq: EZPW) announced today results for its fourth fiscal quarter and 2009 fiscal year ended September 30, 2009.

EZCORP’s net income for the quarter ended September 30, 2009 increased 31% to $20.9 million ($0.42 per share) compared to $16.0 million ($0.37 per share) for the prior year quarter. Total revenues for the quarter increased 34% to $164.8 million, primarily from a 43% increase in total sales (merchandise and jewelry scrapping) and a 39% increase in pawn service charges. Operating income improved 64% to $30.3 million (31% of net revenue) compared to $18.5 million (25% of net revenue) in the prior year quarter.

For the twelve months ended September 30, 2009, net income increased 31% to $68.5 million ($1.42 per share) compared to $52.4 million ($1.21 per share) for the prior year. Total revenues grew 31% to $597.5 million while operating income increased 38% to $101.5 million.

Acquisitions completed in November and December 2008 contributed net income of $4.2 million and $10.7 million in the current quarter and fiscal year. After the effect of shares issued, the acquisitions contributed approximately $0.04 and $0.11 per share in the current quarter and fiscal year.

Commenting on these results, President and Chief Executive Officer, Joe Rotunda, stated, “This is our 29^th consecutive quarter and ninth consecutive year of earnings growth. We continue to deliver strong operating results with a strong balance sheet even in this tough economic environment. These results clearly demonstrate the value of our strategy to build earning assets through the pursuit of quality acquisitions, new store openings, and leveraging our store base through the introduction of new loan products.”

Rotunda continued, “We expect fiscal 2010 earnings of $1.65 to $1.69 per share, with $0.41 to $0.43 per share for the December quarter, representing earnings growth of approximately 18% and 27%. This includes the expected accretion from our $49 million strategic investment in Cash Converters completed earlier today. In fiscal 2010, we plan to open 40 to 50 Empeño Fácil pawn locations in Mexico, 35 to 45 Cash-Max payday loan locations in Canada, and 6 pawnshops in the United States.”

EZCORP provides loans or credit services to customers who do not have cash resources or access to credit to meet their short-term cash needs. In its pawnshops, the Company offers non-recourse loans collateralized by tangible personal property, commonly known as pawn loans. At these locations, the Company also sells merchandise, primarily collateral forfeited from its pawn lending operations, to consumers looking for good value. The Company also offers a variety of short-term consumer loans, including payday loans, installment loans and auto title loans, or fee-based credit services to customers seeking loans from unaffiliated lenders.

At September 30, 2009, EZCORP operated a total of 910 locations in the U.S., Mexico and Canada consisting of 369 U.S. pawnshops, 62 Mexico pawnshops, 477 U.S. short-term loan stores and 2 Canada short-term loan stores. The Company also has strategic investments in Albemarle & Bond Holdings PLC, one of the U.K.’s largest pawnbroking businesses with 115 stores, and Cash Converters International Ltd., an operator and franchisor of approximately 500 locations worldwide.

This announcement contains certain forward-looking statements regarding the Company’s expected operating and financial performance for future periods, including new store expansion, anticipated benefits of acquisitions and investments and expected future earnings. These statements are based on the Company’s current expectations. Actual results for future periods may differ materially from those expressed or implied by these forward-looking statements due to a number of uncertainties and other factors, including changing market conditions in the overall economy and the industry, consumer demand for the Company’s services and merchandise, actions of third parties who offer services and products in the Company’s locations and changes in the regulatory environment. For a discussion of these and other factors affecting the Company’s business and prospects, see the Company’s annual, quarterly and other reports filed with the Securities and Exchange Commission.

You are invited to listen to a conference call discussing these results on November 5, 2009 at 3:30pm Central Time. The conference call can be accessed over the Internet or replayed at your convenience at the following address.

http://www.videonewswire.com/event.asp?id=63071

For additional information, contact Dan Tonissen at (512) 314-2289.

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EZCORP, Inc.
Highlights of Consolidated Statements of Operations (Unaudited)
(in thousands, except per share data)

	Three Months Ended September 30,
	2009			2008
Revenues:
Merchandise sales	$	48,381		$	34,926
Jewelry scrapping sales		40,313			27,162
Pawn service charges		37,392			26,860
Signature loan fees		34,935			33,561
Auto title loan fees		1,923			—
Other		1,857			893
Total revenues		164,801			123,402
Cost of goods sold:
Cost of merchandise sales		30,216			20,490
Cost of jewelry scrapping sales		25,557			17,180
Total cost of goods sold		55,773			37,670
Bad debt:
Signature loan bad debt		10,379			12,303
Auto title loan bad debt		227			—
Total bad debt		10,606			12,303
Net revenue		98,422			73,429
Operations expense		54,282			41,619
Administrative expense		10,605			9,533
Depreciation and amortization		3,275			3,327
(Gain) / Loss on sale/disposal of assets		(57	)		412
Operating income		30,317			18,538
Interest income		(24	)		(118	)
Interest expense		361			192
Equity in net income of unconsolidated affiliate		(1,853	)		(1,180	)
Other		—			(3	)
Income before income taxes		31,833			19,647
Income tax expense		10,894			3,616
Net income	$	20,939		$	16,031
Net income per share, diluted	$	0.42		$	0.37
Weighted average shares, diluted		49,287			43,468

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EZCORP, Inc.
Highlights of Consolidated Statements of Operations (Unaudited)
(in thousands, except per share data)

	Year Ended September 30,
	2009			2008
Revenues:
Merchandise sales	$	204,674		$	155,828
Jewelry scrapping sales		118,922			76,732
Pawn service charges		130,169			94,244
Signature loan fees		133,344			128,478
Auto title loan fees		3,589			—
Other		6,758			2,121
Total revenues		597,456			457,403
Cost of goods sold:
Cost of merchandise sales		126,564			92,612
Cost of jewelry scrapping sales		77,025			46,790
Total cost of goods sold		203,589			139,402
Bad debt:
Signature loan bad debt		33,553			37,150
Auto title loan bad debt		380			—
Total bad debt		33,933			37,150
Net revenue		359,934			280,851
Operations expense		206,237			158,927
Administrative expense		40,497			34,951
Depreciation and amortization		12,746			12,354
(Gain) / Loss on sale/disposal of assets		(1,024	)		939
Operating income		101,478			73,680
Interest income		(281	)		(477	)
Interest expense		1,425			420
Equity in net income of unconsolidated affiliate		(5,016	)		(4,342	)
Other		38			8
Income before income taxes		105,312			78,071
Income tax expense		36,840			25,642
Net income	$	68,472		$	52,429
Net income per share, diluted	$	1.42		$	1.21
Weighted average shares, diluted		48,076			43,327

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EZCORP, Inc.
Highlights of Consolidated Balance Sheets (Unaudited)
(in thousands, except per share data and store counts)

	As of September 30,
	2009		2008
Assets:
Current assets:
Cash and cash equivalents	$	44,764	$	27,444
Pawn loans		101,684		75,936
Signature loans, net		8,357		7,124
Pawn service charges receivable, net		18,187		12,755
Auto title loans, net		1,663		1
Auto title loan finance charges receivable, net		529		—
Signature loan fees receivable, net		5,599		5,406
Inventory, net		64,001		43,209
Deferred tax asset		15,670		10,926
Prepaid expenses and other assets		16,927		9,115
Total current assets		277,381		191,916
Investment in unconsolidated affiliate		38,851		38,439
Property and equipment, net		51,154		40,079
Deferred tax asset, non-current		6,311		8,139
Goodwill		100,719		24,376
Other assets, net		18,101		5,771
Total assets	$	492,517	$	308,720
Liabilities and stockholders’ equity:
Current liabilities:
Current maturities of long-term debt	$	10,000	$	—
Accounts payable and other accrued expenses		33,838		29,425
Customer layaway deposits		4,175		2,327
Federal income taxes payable		572		246
Total current liabilities		48,585		31,998
Long-term debt, less current maturities		25,000		—
Deferred gains and other long-term liabilities		3,247		3,672
Total stockholders’ equity		415,685		273,050
Total liabilities and stockholders’ equity	$	492,517	$	308,720
Pawn loan balance per ending pawn store	$	236	$	229
Inventory per ending pawn store	$	148	$	130
Book value per share	$	8.54	$	6.58
Tangible book value per share	$	6.14	$	5.89
Pawn store count — end of period		431		332
Signature loan store count — end of period		479		477
Shares outstanding — end of period		48,703		41,525

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EZCORP, Inc.
Operating Segment Results (Unaudited)
(in thousands, except store counts)

	U.S. Pawn		Empeño		EZMONEY
	Operations		Fácil		Operations		Consolidated
Three months ended September 30, 2009:
Revenues:
Sales	$	85,554	$	3,131	$	9	$	88,694
Pawn service charges		35,838		1,554		—		37,392
Signature loan fees		527		—		34,408		34,935
Auto title loan fees		322		—		1,601		1,923
Other		1,780		77		—		1,857
Total revenues		124,021		4,762		36,018		164,801
Cost of goods sold		53,747		2,020		6		55,773
Signature loan bad debt		247		—		10,132		10,379
Auto title loan bad debt		52		—		175		227
Net revenues		69,975		2,742		25,705		98,422
Operations expense		37,761		1,809		14,712		54,282
Store operating income	$	32,214	$	933	$	10,993	$	44,140
Pawn store count — end of period		369		62		—		431
Signature loan store count — end of period		6		—		473		479
Three months ended September 30, 2008:
Revenues:
Sales	$	60,001	$	2,087	$	—	$	62,088
Pawn service charges		25,343		1,517		—		26,860
Signature loan fees		651		—		32,910		33,561
Auto title loan fees		—		—		—		—
Other		893		—		—		893
Total revenues		86,888		3,604		32,910		123,402
Cost of goods sold		36,289		1,381		—		37,670
Signature loan bad debt		367		—		11,936		12,303
Auto title loan bad debt		—		—		—		—
Net revenues		50,232		2,223		20,974		73,429
Operations expense		25,753		1,328		14,538		41,619
Store operating income	$	24,479	$	895	$	6,436	$	31,810
Pawn store count — end of period		294		38		—		332
Signature loan store count — end of period		6		—		471		477

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EZCORP, Inc.
Operating Segment Results (Unaudited)
(in thousands, except store counts)

	U.S. Pawn		Empeño		EZMONEY
	Operations		Fácil		Operations		Consolidated
Year ended September 30, 2009:
Revenues:
Sales	$	313,048	$	10,539	$	9	$	323,596
Pawn service charges		124,396		5,773		—		130,169
Signature loan fees		2,293		—		131,051		133,344
Auto title loan fees		1,313		—		2,276		3,589
Other		6,646		112		—		6,758
Total revenues		447,696		16,424		133,336		597,456
Cost of goods sold		196,914		6,669		6		203,589
Signature loan bad debt		828		—		32,725		33,553
Auto title loan bad debt		124		—		256		380
Net revenues		249,830		9,755		100,349		359,934
Operations expense		140,525		5,833		59,879		206,237
Store operating income	$	109,305	$	3,922	$	40,470	$	153,697
Pawn store count — end of period		369		62		—		431
Signature loan store count — end of period		6		—		473		479
Year ended September 30, 2008:
Revenues:
Sales	$	225,747	$	6,813	$	—	$	232,560
Pawn service charges		89,431		4,813		—		94,244
Signature loan fees		2,782		—		125,696		128,478
Auto title loan fees		—		—		—		—
Other		2,116		5		—		2,121
Total revenues		320,076		11,631		125,696		457,403
Cost of goods sold		135,142		4,260		—		139,402
Signature loan bad debt		1,108		—		36,042		37,150
Auto title loan bad debt		—		—		—		—
Net revenues		183,826		7,371		89,654		280,851
Operations expense		98,581		4,141		56,205		158,927
Store operating income	$	85,245	$	3,230	$	33,449	$	121,924
Pawn store count — end of period		294		38		—		332
Signature loan store count — end of period		6		—		471		477

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